DOL-CA: Defensive Growth Model Delivers Solid Q1 Beat in Choppy Conditions

研报英文原文证据摘录

DOL-CA: Defensive Growth Model Delivers Solid Q1 Beat in Choppy Conditions

Equity Research

Earnings Revised — June 11, 2026

Food & Staples Retail

Dollarama, Inc.

Defensive Growth Model Delivers Solid Q1 Beat in Choppy Equal Weight

Conditions Price Target: C$185.00

Notable Changes

Our Call C$ (Jan) Current Prior % Chg

DOL delivered another solid result, despite the choppy backdrop, as its value offering Rev. (MM) 2026 8.10B 8.07B 0.3%

yielded share gain. Macro uncertainly remains, but Q1 should inspire confidence. Int'l Rev. (MM) 2027 8.69B 8.66B 0.3%

opportunity supplements, but still early days. EW on balanced risk/reward. EBIT (MM) 2026 2,056.7 2,094.4 -1.8%

EBIT (MM) 2027 2,287.9 2,325.5 -1.6%

Strong Q1 Highlights Defensive Growth Profile: EPS of C$1.11 beat our estimate of

$1.01 and St's C$0.99, paced by stronger comps of 5.6% vs ~3.7% consensus, better Ticker DOL-CA

margin performance, and an equity investment gain of $0.06. Traffic reaccelerated to Upside/(Downside) to Target (4.9)%

+3.5% off a lull last quarter, clearly showing the consumer is relying on DOL for value,

Price (06/11/2026) C$194.55while ticket moderated to +2%. Continued strong core CAD momentum, strong DC

growth, Mexico launch, and Australia acquisition highlight growth opportunity. 52 Week Range C$166.00 - 209.96

Market Cap (MM) C$53,411

Model Working Well as Consumers Seek Value: The Canadian business is performing Enterprise Value (MM) C$55,961

well through this uneasy macro backdrop, with the majority of comp driven by traffic. Average Daily Value (MM) C$145

Pent-up demand post a softer Q4 and toys strength helped, with the Canadian consumer Dividend Yield 0.2%

clearly looking for value (WMT CAD +7.3% SSS). DOL is showing no signs of competitive